Southern California Edison Company entered into a new Term Loan Credit Agreement providing up to $1.5 billion in term loans maturing on March 22, 2027. The loans bear interest at either term SOFR plus 1.00% or a base rate plus 0.0% and may be prepaid at any time without premium or penalty.
SCE plans to use the proceeds for general corporate and working capital purposes, including repaying all borrowings under its prior $300 million unsecured term loan with Wells Fargo, which was terminated concurrently without early termination penalties. The agreement includes customary covenants and requires SCE to keep its consolidated total indebtedness to consolidated capital ratio at or below 0.65 to 1.0.
Edison International, parent of Southern California Edison, reported much stronger 2025 results, with net income available to shareholders of $4,459 million versus $1,284 million in 2024. Most of the increase came from regulatory approvals that allow recovery of large wildfire-related costs and higher utility revenues.
Core earnings rose to $2,520 million, helped by the 2025 general rate case, which lifted SCE’s authorized 2025 revenue requirement to $9.7 billion, an $880 million increase. SCE’s rate base grew to $48.2 billion at year-end 2025, and capital expenditures were $6.7 billion, with a 2026–2030 forecast of $40.6 billion, mostly for grid and wildfire mitigation investments.
The company secured CPUC approval of major settlements for the 2017/2018 wildfire and mudslide events and the Woolsey Fire, and began using securitized bonds to finance recoveries. At the same time, it faces new exposure from the 2025 Eaton Fire, where SCE has booked $1.1 billion in losses and plans to rely on customer-funded self-insurance and California’s Wildfire Fund for large claims, with ultimate cost recovery subject to future regulatory proceedings.
Edison International reported a sharp jump in 2025 results, with full-year GAAP earnings of $4,459 million, or $11.58 per share, up from $3.33 per share in 2024, and core EPS of $6.55 versus $4.93. Fourth-quarter 2025 GAAP EPS was $4.80 and core EPS $1.87.
Revenue rose to $19.3 billion from $17.6 billion, helped by the 2025 general rate case decision and wildfire cost-recovery settlements. The company introduced 2026 core EPS guidance of $5.90–$6.20 and 2027 of $6.25–$6.65, reaffirmed a 5–7% annual core EPS growth target through 2030, and outlined a $38–$41 billion 2026–2030 capital plan driving roughly 7% rate base growth. Management highlighted no expected equity issuance through 2030, continued wildfire mitigation spending, unresolved Eaton Fire claims, and a quarterly dividend of $0.8775 per share.
Southern California Edison Company entered into a new Term Loan Credit Agreement providing up to $300 million in term loans maturing on March 11, 2027. The loans can be prepaid at any time without premium or penalty, giving the company flexibility in managing this debt.
The term loans bear interest at either term SOFR plus a 1.00% margin or a base rate plus a 0.0% margin. Southern California Edison expects to use the proceeds for general corporate and working capital purposes, which may include repaying other debt.
The agreement includes customary provisions and one financial covenant requiring a consolidated total indebtedness to consolidated capital ratio not exceeding 0.65 to 1.0 at each quarter-end. Existing relationship banks, including Wells Fargo as Administrative Agent, are also lenders under the company’s and its parent’s revolving credit facilities.
Southern California Edison Company is having its Guarantor of 5.375% Fixed-to-Floating Rate Trust Preference Securities removed from listing and registration on the New York Stock Exchange. This occurs through a Form 25 notification under Section 12(b) of the Securities Exchange Act of 1934.
The New York Stock Exchange certifies that it has followed its own rules and SEC Rule 12d2-2 for striking this class of securities, and the issuer is stated to have complied with the exchange’s requirements for withdrawal.
Southern California Edison Company, through its affiliate SCE Recovery Funding LLC, issued $1,642,716,000 of Senior Secured Recovery Bonds, Series 2025-A. The bonds were issued on December 1, 2025 under an Indenture and a Series Supplement, both dated the same day and attached as exhibits.
The bonds were offered under a Prospectus dated November 20, 2025. In connection with the issuance, Southern California Edison Company and the issuing entity entered into a Recovery Property Servicing Agreement, a Recovery Property Purchase and Sale Agreement, an Administration Agreement and an Intercreditor Agreement, each dated December 1, 2025, which are also filed as exhibits.
Southern California Edison Company and SCE Recovery Funding LLC entered into an Underwriting Agreement with a syndicate of underwriters led by Citigroup, Barclays, RBC Capital Markets and SMBC Nikko. The agreement covers the purchase and sale of $1,642,716,000 of Senior Secured Recovery Bonds, Series 2025-A, to be issued by SCE Recovery Funding LLC under an Indenture and Series Supplement, each dated as of December 1, 2025. The bonds were offered pursuant to a prospectus dated November 20, 2025, and related servicing, purchase and sale, administration and intercreditor agreements between SCE and the issuing entity are being executed in connection with this financing.
Southern California Edison Company announced that it has begun a cash tender offer to purchase any and all of the outstanding 5.45% Fixed-to-Floating Trust Preference Securities issued by SCE Trust V, its Delaware statutory trust subsidiary.
The offer commenced on November 20, 2025 and is scheduled to expire on December 19, 2025 at 5:00 p.m., New York City time, unless it is earlier extended or terminated. The company has filed a tender offer statement on Schedule TO, and holders are directed to the offer to purchase, letter of transmittal and related materials for the full terms and conditions. The company, its directors and the trust do not make any recommendation about whether holders should tender their securities.